A group of financial firms including Goldman Sachs, Citigroup, Banco Santander and Deutsche Bank has committed about $270 million toward a joint dollar-stablecoin venture, Bloomberg reported Tuesday, citing people familiar with the matter¹.

Decrypt, citing that Bloomberg account, said the capital is meant to cover five years of operations for a planned U.S.-incorporated company that would issue a dollar-denominated stablecoin, known among participants as Project Faro².

The venture is still searching for a chief executive, and its final name remains under discussion, Decrypt reported².

A spokesperson for the project declined to comment, as did Santander and Deutsche Bank, while Goldman Sachs and Citigroup referred questions to the project, Decrypt said².

Decrypt said the funding follows a September announcement in which 21 financial institutions committed to form a company to issue a U.S. dollar stablecoin, targeting a launch in the first half of 2027, with a euro version and other currencies to follow².

Beyond the four banks named by Bloomberg, Decrypt listed other participants as including Bank of America, Wells Fargo, Fidelity Investments, PNC, Capital One, TD Bank, UBS, BBVA, Lloyds Banking Group and MUFG, among others, and said JPMorgan is not on the list².

Decrypt said the token is being designed to comply with the U.S. GENIUS Act and, where applicable, the EU’s MiCA rules, and that the group wants the stablecoin used in wholesale, institutional and retail markets².

Tether’s USDT and Circle’s USDC together account for about 85% of a market worth roughly $290 billion, nearly all of it dollar-pegged, Decrypt reported².